Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Up 6.4%

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares were up 6.4% during mid-day trading on Tuesday . The company traded as high as $20.48 and last traded at $20.43. Approximately 130,871 shares were traded during trading, a decline of 82% from the average daily volume of 737,571 shares. The stock had previously closed at $19.20.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RCKT shares. William Blair reiterated an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. Canaccord Genuity Group reduced their price target on shares of Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Chardan Capital restated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.29.

Rocket Pharmaceuticals Price Performance

The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average price is $20.67 and its two-hundred day moving average price is $22.61. The stock has a market cap of $1.94 billion, a PE ratio of -7.26 and a beta of 1.10.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same period in the prior year, the firm posted ($0.82) earnings per share. On average, equities analysts expect that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 3,026 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $20.39, for a total value of $61,700.14. Following the completion of the transaction, the insider now directly owns 72,220 shares in the company, valued at $1,472,565.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 31.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Large investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC grew its stake in Rocket Pharmaceuticals by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after buying an additional 764 shares during the last quarter. Old Well Partners LLC acquired a new position in shares of Rocket Pharmaceuticals during the fourth quarter valued at about $200,000. Capstone Investment Advisors LLC acquired a new position in shares of Rocket Pharmaceuticals during the fourth quarter valued at about $217,000. Amalgamated Bank raised its position in shares of Rocket Pharmaceuticals by 5.4% in the 4th quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock valued at $259,000 after purchasing an additional 440 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals in the 4th quarter worth approximately $332,000. 98.39% of the stock is owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.